A Discussion of “Which Dimensions of Culture Matter for Long-Run Growth?” For the past few semesters, I have been using Barry Clark’s “The Evolution of Economic Systems” in my MBA global economy classes. I like how it is comparing economic systems across countries, not just economies. An economic system consists of…
Macroeconomics
More Robots Mean More Riots?
A Discussion of “Rage Against the Machines: Labor-Saving Technology and Unrest in Industrializing England” “Machines are going to take all the jobs,” is a sentiment I hear and read often. As an economist, I know this is not true. There will be disruption. Some jobs will be lost. Some jobs…
Microeconomics
Superstar Firms Causing Concentration of Market Power
A Discussion of “Concentrating on the Fall of the Labor Share” For much of the 20th century, economists marveled at the stability of labor’s share of national income. Labor’s share of national income is the total dollar amount paid out in wages, salaries, and benefits as a percentage of GDP,…
Microeconomics
Increasing Market Power Leading to Increasing Inequality
A Discussion of “Market Power, Inequality, and Financial Instability” Two economists from the Federal Reserve have put out a paper that is exactly what I think economics should look like. What do I mean? Cairo and Sim (2020) identify six problematic trends in our macro economy since 1980, trying to…
Microeconomics
Should You Buy Fair Trade Coffee?
A Discussion of “The Economics of Fair Trade” Fair Trade is a movement to ensure producers receive higher prices for their goods, not only for coffee, but that may be the best-known example. Dragusanu, Giovannucci, and Nunn (2014) explore the Fair Trade coffee market to see if it achieves its goals:…
Macroeconomics
Do Economists Go Too Far Arguing for Free Trade?
A Discussion of “Deconstructing the Argument for Free Trade” “If all the economists were laid end to end, they still would not reach a conclusion.” “What happens when you get 10 economists in a room? You get 11 opinions.” Or the old story of President Truman wishing for a one-armed…
Pedagogy
How to Schedule for Success
A Discussion of “Academic Achievement across the Day: Evidence from Randomized Class Schedules” The fall semester is around the corner although it will not be a typical one! Some are going back in person; some are going to do some sort of hybrid version with students’ attendance staggered to keep…
Pedagogy
College Classes: Choose Fewer Days, Later Hours
A Discussion of “Class Meeting Frequency, Start Times, and Academic Performance” Anyone who went to college…remember that feeling when the only class that was open was an 8 AM? As a night owl, I dreaded it. And usually avoided it. If you are a morning person, maybe you do not…
Microeconomics
Income Contingent Loans: Fixing the College Debt Crisis
A Discussion of “Financing Higher Education in an Imperfect World Pssstt! I got a secret. College debt is soaring. OK, not really a secret. Search Medium and you can find article after article decrying the situation. But what can we do to fix it? That is what Long (2019) is…
Pedagogy
What Happened to the MOOC revolution?
A Discussion of “(Dis)Organization and Success in an Economics MOOC” MOOCs will change higher education forever! That was a common statement in 2012 when I was early in my professorial career so I was alarmed by claims my industry was coming to an end. Banerjee and Duflo (2014) said it…